Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries,
“Iris Energy” or “the Company”), a leading owner and operator of
next-generation data centers powered by 100% renewable energy,
today announces commencement of GPU cloud service with leading AI
company, Poolside AI SAS (“poolside”).
Key Highlights
- NVIDIA H100 GPU
cloud services agreement with leading AI company, poolside
- Contract secured
following rigorous customer testing requirements
- Initial 3-month term
and extension option for an additional 3 months at the customer’s
election
Iris Energy has executed a cloud service
agreement with poolside for 248 NVIDIA H100 GPUs. The contract is
for an initial 3-month term, with an extension option for an
additional 3 months at the customer’s election.
Poolside closed a $126m seed funding round in
mid-2023 and is building the world’s most capable AI for software
development. Their approach of RLCEF (Reinforcement Learning from
Code Execution Feedback) sets them apart from other frontier AI
companies focused on general-purpose models.
Iris Energy’s cloud technology environment and
architecture, which utilizes its existing next-generation data
centers, has now met all of poolside’s rigorous testing
requirements. The cloud service commenced on February 5, 2024.
Jason Warner, CEO & Co-Founder of poolside
and ex-CTO of GitHub, commented:
“We’re excited to select Iris Energy as a cloud
services partner. Our business, like many others, has a substantial
growing demand for GPU compute and we have been impressed with the
professionalism and quality shown by Iris Energy during our testing
and selection process.”
Daniel Roberts, Co-Founder and Co-CEO of Iris
Energy, commented:
“We are pleased to partner with a company the
calibre of poolside. We look forward to further growing our GPU
cloud services business and servicing the growing market demand we
are seeing for these services.”
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally relate to
future events or Iris Energy’s future financial or operating
performance. For example, forward-looking statements include but
are not limited to the Company’s business strategy, expected
operational and financial results, and expected increase in power
capacity and hashrate. In some cases, you can identify
forward-looking statements by terminology such as “anticipate,”
“believe,” “may,” “can,” “should,” “could,” “might,” “plan,”
“possible,” “project,” “strive,” “budget,” “forecast,” “expect,”
“intend,” “target”, “will,” “estimate,” “predict,” “potential,”
“continue,” “scheduled” or the negatives of these terms or
variations of them or similar terminology, but the absence of these
words does not mean that statement is not forward-looking. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
In addition, any statements or information that refer to
expectations, beliefs, plans, projections, objectives, performance
or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking.
These forward-looking statements are based on
management’s current expectations and beliefs. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause
Iris Energy’s actual results, performance or achievements to be
materially different from any future results performance or
achievements expressed or implied by the forward looking
statements, including, but not limited to: Bitcoin price and
foreign currency exchange rate fluctuations; Iris Energy’s ability
to obtain additional capital on commercially reasonable terms and
in a timely manner to meet our capital needs and facilitate its
expansion plans; the terms of any future financing or any
refinancing, restructuring or modification to the terms of any
future financing, which could require Iris Energy to comply with
onerous covenants or restrictions, and its ability to service its
debt obligations; Iris Energy’s ability to successfully execute on
its growth strategies and operating plans, including its ability to
continue to develop its existing data center sites and its ability
to diversify into the market for HPC solutions; Iris Energy’s
limited experience with respect to new markets it has entered or
may seek to enter, including the market for HPC solutions;
expectations with respect to the ongoing profitability, viability,
operability, security, popularity and public perceptions of the
Bitcoin network; expectations with respect to the profitability,
viability, operability, security, popularity and public perceptions
of any HPC solutions that Iris Energy offers; Iris Energy’s ability
to secure and retain customers on commercially reasonable terms or
at all, particularly as it relates to its strategy to expand into
HPC solutions; Iris Energy’s ability to manage counterparty risk
(including credit risk) associated with any current or future
customers and other counterparties; Iris Energy’s ability to secure
renewable energy and renewable energy certificates, power capacity,
facilities and sites on commercially reasonable terms or at all;
the risk that any current or future customers or other
counterparties may terminate, default on or underperform their
contractual obligations; Bitcoin network hashrate fluctuations;
delays associated with, or failure to obtain or complete,
permitting approvals, grid connections and other development
activities customary for greenfield or brownfield infrastructure
projects; our reliance on third party mining pools, exchanges,
banks, insurance providers and our ability to maintain
relationships with such parties; expectations regarding
availability and pricing of electricity; Iris Energy’s
participation and ability to successfully participate in demand
response products and services and other load management programs
run, operated or offered by electricity network operators,
regulators or electricity market operators; the availability,
reliability and cost of electricity supply, hardware and electrical
and data center infrastructure, including with respect to any
electricity outages and any laws and regulations that may restrict
the electricity supply available to Iris Energy; any variance
between the actual operating performance of Iris Energy’s hardware
achieved compared to the nameplate performance including hashrate;
Iris Energy’s ability to curtail its electricity consumption and/or
monetize electricity depending on market conditions, including
changes in Bitcoin mining economics and prevailing electricity
prices; actions undertaken by electricity network and market
operators, regulators, governments or communities in the regions in
which Iris Energy operates; the availability, suitability,
reliability and cost of internet connections at Iris Energy’s
facilities; Iris Energy’s ability to secure additional hardware,
including hardware for Bitcoin mining and HPC solutions it may
offer, on commercially reasonable terms or at all, and any delays
or reductions in the supply of such hardware or increases in the
cost of procuring such hardware; expectations with respect to the
useful life and obsolescence of hardware (including hardware for
Bitcoin mining as well as hardware for other applications,
including HPC solutions); delays, increases in costs or reductions
in the supply of equipment used in Iris Energy’s operations; Iris
Energy’s ability to operate in an evolving regulatory environment;
Iris Energy’s ability to successfully operate and maintain its
property and infrastructure; reliability and performance of Iris
Energy’s infrastructure compared to expectations; malicious attacks
on Iris Energy’s property, infrastructure or IT systems; Iris
Energy’s ability to maintain in good standing the operating and
other permits and licenses required for its operations and
business; Iris Energy ability to obtain, maintain, protect and
enforce its intellectual property rights and other confidential
information; whether the secular trends Iris Energy expects to
drive growth in its business materialize to the degree it expects
them to, or at all; the occurrence of any environmental, health and
safety incidents at Iris Energy’s sites; any material costs
relating to environmental, health and safety requirements or
liabilities; damage to our property and infrastructure and the risk
that any insurance Iris Energy maintains may not fully cover all
potential exposures; ongoing securities litigation and proceedings
relating to the default by two of Iris Energy’s wholly-owned
special purpose vehicles under limited recourse equipment financing
facilities; ongoing securities litigation relating in part to the
default; and any future litigation, claims and/or regulatory
investigations, and the costs, expenses, use of resources,
diversion of management time and efforts, liability and damages
that may result therefrom; any laws, regulations and ethical
standards that may relate to Iris Energy’s business, including
those that relate to Bitcoin and the Bitcoin mining industry and
those that relate to any other solutions we may offer (such as HPC
solutions), including regulations related to data privacy,
cybersecurity and the storage, use or processing of information;
any intellectual property infringement and product liability
claims; our ability to attract, motivate and retain senior
management and qualified employees; increased risks to our global
operations including, but not limited to, political instability,
acts of terrorism, theft and vandalism, cyberattacks and other
cybersecurity incidents and unexpected regulatory and economic
sanctions changes, among other things; climate change and natural
and man-made disasters that may materially adversely affect our
business, financial condition and results of operations; the
ongoing effects of COVID-19 or any other outbreak of an infectious
disease and any governmental or industry measures taken in
response; our ability to remain competitive in dynamic and rapidly
evolving industries; damage to our brand and reputation; and other
important factors discussed under the caption “Risk Factors” in
Iris Energy’s annual report on Form 20-F filed with the SEC on
September 13, 2023 as such factors may be updated from time to time
in its other filings with the SEC, accessible on the SEC’s website
at www.sec.gov and the Investor Relations section of Iris Energy’s
website at https://investors.irisenergy.co.
These and other important factors could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this press release. Any
forward-looking statement that Iris Energy makes in this press
release speaks only as of the date of such statement. Except as
required by law, Iris Energy disclaims any obligation to update or
revise, or to publicly announce any update or revision to, any of
the forward-looking statements, whether as a result of new
information, future events or otherwise.
ContactsMediaJon Snowball Domestique +61
477 946 068 |
Danielle GhiglieraAircover Communications+1 510 333 2707 |
InvestorsLincoln
TanIris Energy+61 407 423 395lincoln.tan@irisenergy.co |
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